In this podcast, Michael Carter explains the basis for the tort of 'passing off' and outlines the circumstances in which it can be used alongside, or in place of, trademark rights to protect 'goodwill' in a business.

The increase has also been driven by the UK’s overhaul of financial regulation in 2013, which handed the BoE increased responsibility for the financial stability. The break-up of the Financial Services Authority (FSA) in 2013 led to the creation of the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and Financial Policy Committee (FPC), with the latter two falling under the BoE’s remit.

A source close to the BoE said: “The fact is, the bank is now an extraordinarily different animal with extraordinarily different statutory responsibilities.”

The expansion of the bank’s regulatory remit coincided with the 2013 appointment of governor Mark Carney (pictured), who took up the role after five years as governor of the Bank of Canada.

A source close to the bank said: “The influence of Mark Carney has also had an effect [on legal spend]. He does not come from a culture that finds law a nuisance – instead, he places a lot of emphasis on legal analysis before the event.”

The size of the BoE’s in-house legal department has risen significantly in the past three years, growing almost 50% from 46 lawyers in 2014 to 68 in 2016. This increase has come on the back of a number of additions to the bank’s in-house legal team in recent years, including the PRA’s regulatory action division, which handles investigatory and enforcement work.